However, as soon as Bitcoin’s price reaches the minimal correction target within the medium-term downward movement, the chances will be yet again equally split. The reason for that is that bears of a larger calibre could appear around $452. In that case, Bitcoin’s price will rebound, and stand a chance to form a downward trend. The necessary confirmation for a turn to decline is a disruption of the structure of the upward trend. The level of $444.5 was confirmed by the previous rebound. If you draw the diagonal channel, the key point can be found where it crosses the Fibonacci level 61.

In order for a chance for a turn to decline to maximize, Bitcoin’s price has to rebound from the level of $452 and form a turn at the level of $444.5. Otherwise, the odds will be on the side of an upward trend.